Mankind's Ability To Understand And

The Generally Accepted View Is That Markets Are Always Right -- That Is, Market Prices Tend To Discount Future Developments Accurately Even When It Is Unclear What Those Developments Are. I Start With The Opposite View. I Believe The Market Prices Are Always Wrong In The Sense That They Present A Biased View Of The Future.

Globalization Has Rendered The World Increasingly Interdependent, But International Politics Is Still Based On The Sovereignty Of States.

What Works For Germany Can't Work For The Rest Of Europe: No Country Can Run A Chronic Surplus Without Others Running Deficits.

There Is A Well-established Conviction That The Central Banks Always Do What Is Necessary To Keep The System Going And Then Afterwards You Then Take Care Of The Legal Aspects. In A Crisis, You Simply Do Not Have Time To Think About Such Concerns For Too Long.

I'm Only Rich Because I Know When I'm Wrong.